Virgin Money submits bid for Northern Rock

THE GOVERNMENT has received its first bid on bank assets that it bailed out during the financial crisis.

It is understood that Virgin Money sent in a bid for the Northern Rock “good bank” currently on the block. City A.M. also understands that NBNK Investments, Lord Levene’s buy-out vehicle, plans to submit a bid today before the formal deadline. It is not clear if JC Flowers will bid, however.